BUSINESS LIVE: BoE Warns of Cryptography Crash; KPMG under fire
BUSINESS LIVE: BoE MP Warns of Crypto Crash; KPMG again under fire from Silentnight; Two more energy providers collapse
Bitcoin and other cryptocurrencies could cause the next financial crash, according to a senior Bank of England official.
In a speech yesterday, Deputy Governor Sir Jon Cunliffe said that a massive collapse in the price of cryptocurrencies to zero is “certainly a plausible scenario” and that there was “a possibility of contagion “across the global financial industry.
KPMG and one of its key partners lied in their defense of working for ailing mattress company Silentnight, a court found.
The accounting giant “made a false defense” when it said it had no choice but to push Silentnight into insolvency and inform that it had sold to the firm of private equity HIG Capital, said the independent disciplinary tribunal.
Two other energy companies have gone bankrupt, leaving an additional 250,000 domestic customers without suppliers as the energy crisis continues to escalate.
Pure Planet, backed by BP, and smaller supplier Colorado Energy each cited rising wholesale prices as well as Ofgem’s price caps as factors in their collapse.
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BoE’s Sir Jon Cunliffe says there is ‘possibility of contagion’ in crypto crash